Following yesterday's incredible relief rally, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued to climb higher. In afternoon trade the benchmark index is up 0.2% to 5,337 points thanks largely to gains in the mining sector.
Four shares which have put on particularly strong gains today are as follows:
Galaxy Resources Limited (ASX: GXY) shares have jumped 12.5% to 36 cents despite there being no news out of the lithium miner today. Commodity prices have soared since Trump was elected president due to the belief that he will embark on huge infrastructure projects in order to stimulate the economy. Whether renewable energy will get much attention from Trump only time will tell, but traders appear to be bullish on the lithium miners since his victory.
Silex Systems Ltd (ASX: SLX) shares have rocketed higher by an incredible 57% to 55 cents. This morning the nuclear energy technology developer revealed that its licensee GE-Hitachi Global Laser Enrichment has signed an agreement with the US Department of Energy for the sale and purchase of depleted uranium hexafluoride. The deal could result in sales of US$200 million per year, from which SILEX would likely receive a royalty of 7% to 12%.
Santos Ltd (ASX: STO) shares are up 6% to $3.80 despite oil and gas prices remaining relatively stable at recent lows. Today's gain is likely to be attributable to a research note out of Morgan Stanley this morning. Analysts at the investment bank have upgraded Santos to an overweight rating, believing that cost reductions and higher oil prices will help the mining giant outperform expectations.
South32 Ltd (ASX: S32) shares are higher by 5% to $2.82 thanks largely to the jump in commodity prices. The mining giant is certainly one company that looks set to prosper from Trump's infrastructure plans. Unsurprisingly in the last two days its share price has climbed a remarkable 13%. If commodity prices continue to rise then I wouldn't be surprised to see its share price continue to climb higher.
